Helen Forrest Hall, Chief Strategy Officer at the PMI, said: 

"We fully supported the Lords in opposing a sweeping reserve power to require specific asset allocations and are pleased that the government has introduced important guardrails.

"As the Bill now moves towards Royal Assent and implementation, our focus will be on working with government, regulators and the industry to ensure these reforms strengthen the pensions system, support long-term growth and, above all, deliver better outcomes for scheme members."

Ends

Notes to editors: 

• The Pensions Management Institute (PMI) is the UK’s leading professional body for those working in pensions and retirement savings. With over 8,500 members, the PMI represents the broadest range of pensions professionals and trustees in the country. Its members are responsible for managing and advising some of the world’s largest pension schemes, making key decisions on substantial financial matters.       

• With more than £1 trillion invested in UK pensions, PMI members play a vital role in shaping the nation’s financial future. With five decades of experience, PMI remains at the forefront of pensions education and thought leadership.    

Press contact:  

For media enquiries, please contact Matt Adams, Head of Media and PR at pressoffice@pensions-pmi.org.uk